Bitcoin, Ethereum, Dogecoin Dip As Investors Get Spooked By US Government’s $2B BTC Transfer: Analyst Says Breakout Above $100K Could Trigger 20-25% Correction In Top Crypto
Leading cryptocurrencies corrected Monday after the U.S. government moved nearly $2 billion in Bitcoin to new addresses.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -1.56% | $95,870.15 |
| Ethereum (CRYPTO: ETH) |
-1.58% | $3,641.51 |
| Dogecoin (CRYPTO: DOGE) | -4.99% | $0.4231 |
What Happened: The world’s largest cryptocurrency dipped to an intraday low of $94,600 after on-chain data showed the outward movement of around 19,800 BTCs, worth $1.92 billion, confiscated from the online black market Silk Road, from the address linked to the U.S. government.
Analytics firm Arkham said that the stash was split into two wallets, from where about 10,000 BTCs, or $963 million, were moved to cryptocurrency exchange Coinbase.
The resultant FUD gripped the larger market, pushing Ethereum to fall below $3,600 until dip buying sparked a comeback.
The correction triggered nearly $600 million in liquidations in the last 24 hours, with about $425 million in bullish bets …
About The Author
